UK financial services tells EU 'no new retail regulations'

A group of eight industry bodies joined forces to send a letter to Brussels, asking the commission to steer clear of “unnecessary” new policy. While the group (which includes AIFA, ABI, AIC and APCIMS) welcomes the EU Commission Green Paper on Financial Services Policy (2005 – 2010), it would prefer the union to concentrate on applying better regulation principles to existing legislation. In the letter to EU internal market commissioner Charlie McCreevy, the industry notes new regulations aimed specifically at fostering the cross-border sale of individual products can sometimes cause unin...